Bitcoin Reclaims $44K On ETFs Approval Prospect
By Laxmikant Khanvilkar
Investors of virtual digital assets (VDA) have staged a strong comeback in the last 24-hours, after having experienced a worst decline in prices of Bitcoin (BTC), Ethereum (ETH) in the previous session, as investors remained optimistic a U.S. spot BTC exchange-traded fund (ETF) approval is around the corner.
In the previous session, Matrixport report triggered a flash crash after it highlighted a potential rejection by the U.S. Securities Exchanges Commission (SEC) board which is controlled by the anti-crypto law makers.
However, the majority of observers continue to expect the SEC to approve applications, possibly as soon as Friday.
Apparently, Bitcoin (BTC), the largest cryptocurrency by market capitalisation, reclaimed $44,000 mark. It is currently trading at $44,220, up 3%. Ethereum (ETH), the second largest cryptocurrency, was recently changing hands at $2,270, gaining 2.7%.
A recent survey by Bitwise and VettaFi suggested that only 39% of financial advisors expect a spot BTC approval this year. Further, 88% of those advisors see the spot ETF as a major catalyst and would be interested in buying bitcoin after approval.
Broader market sentiment remained optimistic and the arge-cap tokens such as XRP, Solana, Cardano, Dogecoin, etc have re-entered into the positive zone.
The global crypto market cap increased 3% to $1.69 trillion in the last 24 hours. On the other hand, the total crypto market volume fell 36.6% to $73.9 billion. Total volume in DeFi is currently $6.9 billion, and all stablecoins are $65.7 billion, representing 9.4% and 88.9%, respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 51.4%, up 0.14% over the day.
The IC15 index, the barometer of the top fifteen tokens, gained 2.8% to 56,170.
Meanwhile, Matrixport research head Markus Thielen expects the SEC to allow spot-based ETFs, but bitcoin may fall to lower prices in the coming weeks as technical indicators signal the uptrend is faltering. He believes, investors will shift focus to ether once spot BTC ETFs are approved.
You need to login in order to Like
